Ariel International Fund on Murata Manufacturing Co., Ltd.
Thesis
Ariel sees Murata entering a multi-year growth upcycle as AI data centers drive demand for multilayer ceramic capacitors. The mix is shifting toward higher-value, high-capacitance components where Murata has a technological edge, supporting margins while tight industry capacity supports pricing. Edge AI can further increase component content per device, while diversification into power solutions and radio-frequency modules broadens the opportunity beyond the core devices recovery.
“We view the stock as a compelling long-term investment given its diversification into adjacent areas”